The Pulse (06-01-12)
June 1, 2012 ● Volume 01, Issue 22
View 06-01-12 issue of The Pulse
Credit Union News
Support Minn. CU Foundation through new CIF options
Credit unions have the opportunity to support the Minnesota Credit Union Foundation by investing in new Community Investment Fund (CIF) options. Through the CIF, investing credit unions receive 50 percent of the return, and the remaining 50 percent is split evenly between the MnCUF and the National Credit Union Foundation (NCUF).
The CIF provides a unique vehicle to support financial education, professional development, community outreach and emergency assistance, not only in Minnesota but across the country as well. There are three main ways that credit unions can participate in CIF.
- National Cooperative Bank (NCB): NCB is the bank to the cooperative community. CIF products offered through NCB include CDs with terms ranging from six months to three years and a liquid money market deposit account. Credit unions can choose whether they want 50 percent, 75 percent or 100 percent of the base rate to be contributed to National Credit Union Foundation and Minnesota Credit Union Foundation.
- Alloya Corporate Federal Credit Union: Capitalized members of Alloya Corporate Federal Credit Union can utilize this channel to invest in the CIF. Introduced in March 2012, Alloya investments earn market rates and options include variable rate share accounts and CDs with terms of six months, 12 months, 18 months, two years and three years. Additionally, Alloya offers the lowest minimum investment amount at $1,000.
- MEMBERS Trust: NCUF and MEMBERS Trust Company, FSB, have a strategic alliance that creates comprehensive giving options correlated to investment goals and risk. Credit unions can participate through the Charitable Lead Trust, Charitable Investment Trust or the Federally-Insured Account.
Support the Foundation today by supporting the Community Investment Fund. For more information, visit the Foundation website.
NCUA opens applications for grants and low-rate loans
On May 22, the National Credit Union Administration began accepting low-income credit union (LICU) applications for loans and grants under the 2012 Community Development Revolving Loan Fund (CDRLF).
Eligible credit unions may apply for as much as $25,000 in grant funding and loans of as much as $300,000. Loans exceeding $300,000 may also be approved on a case-by-case basis. The agency is offering a total of $1.3 million in grants and $11 million in low-rate loans this year. Grant funds can be used to support LICU's financial literacy, staff and board member training, internships and tax prep assistance efforts. According to the NCUA, loan funds may be used to:
- Expand share draft or credit card programs;
- Create partnerships with community-based service organizations and government agencies;
- Acquire, expand, or improve office space or equipment;
- Initiate or expand micro-business, education and real-estate loan programs; and
- Offer consumer-friendly, short-term alternatives to payday loans.
Eligible credit unions may file a single application for all funding initiatives, and reimbursement requests for multiple grant initiatives can be bundled together. Applications must be received by the NCUA by Friday, June 29. For more information and to access the application, visit the National Credit Union Administration website.
Fall 2012 Development Education training now open
Registration is now open for the Fall 2012 Credit Union Development Education (DE) training class set for Sept. 6-13 in Madison, Wis. Attendees of the six-day immersion experience will learn about credit unions' social responsibility and domestic and international development through interactive education and professional networking.
DE training is open to everyone from new employees who need credit union orientation to seasoned executives who need to recharge. Participants cite many benefits of attending DE training:
- Graduates acquire skills in credit union outreach initiatives, problem solving, technical assistance, team building and public presentations.
- Graduates earn certification as Credit Union Development Educators (CUDEs). They join a networking group including more than 1,000 graduates across America and more than 30 countries.
- CUDEs realize that local issues are indeed global – and that global issues are local.
- CUDEs understand that credit unions grow stronger by working cooperatively.
- CUDEs return to their jobs with new understanding of how to promote cooperative principles and credit union values as distinct advantages in today's competitive financial services marketplace. (Read testimonials here)
Register today for this valuable training! The registration fee includes seven nights of single-room lodging, as well as all training materials and meals. For more information and to register, visit the Development Education website. Space is limited so be sure to register as soon as possible.
NYIB conference to provide insight into youth recruitment
It's time to "Up Your Youth!” The 2012 National Youth Involvement Board (NYIB) conference will focus on this theme and provide credit unions tools and insight into how to improve their youth-based services and financial education offerings. The conference will be held July 30-Aug. 2 in New Orleans and will support credit union's youth outreach efforts.
This conference is geared toward credit union marketers, financial educators, and leaders with a desire to reach today's youth. This year's speakers will include industry and youth involvement experts who will present a variety of general and breakout sessions, some of which include:
- Getting to the Future of Credit Unions – Attracting Gens X, Y & Z
- Keeping the Motivation Going in Your Student-Run Branch
- 8 Ways to make Financial Literacy Captivating
- eMerging Technologies and Mobile Marketing
- Capturing the Most Powerful Market: MOMS
To learn more about the conference and to register, visit the National Youth Involvement Board website. Be sure to register by Friday, July 6, to take advantage of the $100 early bird discount.
Credit union notes…
- Postal Credit Union recently announced that Brian Sherrick, Postal's Executive Vice President of Lending & Member Services, will succeed current CEO Russ Plunkett on Nov. 15. Sherrick has been with the credit union since 1983, serving in a variety of positions during that time.